Missile Defense System Market Expected to reach $29.7 billion by 2026
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The missile defense system market includes major players Lockheed Martin Corporation (US), Boeing Company (US), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), and General Dynamics Corporation (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected missile defense system production and services globally in 2020.
Increasing defense programs of nations to protect against various threats will drive the market
The performance of the US’s weapon systems is unmatched, ensuring a tactical combat advantage for the US military over any adversary. The Fiscal Year (FY) 2020 acquisition (Procurement and Research, Development, Test, and Evaluation (RDT&E)) funding requested by the US Department of Defense (DoD) totals USD 247.3 billion, which includes funding in the Base budget and the Overseas Contingency Operations (OCO) fund, totaling USD 143.1 billion for Procurement and USD 104.3 billion for RDT&E. The funding in the budget request represents a balanced portfolio approach to implement the military force objective established by the National Defense Strategy. Of the USD 247.3 billion in the request, USD 83.9 billion finances Major Defense Acquisition Programs (MDAPs), which are acquisition programs that exceed a cost threshold established by the Under Secretary of Defense for Acquisition and Sustainment.
According to the Missile Defense Agency, there has been an increase of over 1,200 additional ballistic missiles over the last 5 years. The number of ballistic missiles outside the US, the North Atlantic Treaty Organization, Russia, and China has risen to over 5,900. Hundreds of launchers and missiles are currently within the range of US defense.
The weapon system technology segment is projected to grow at the highest CAGR rate for the missile defense system market during the forecast period.
A weapon system plays an important role in missile defense systems majorly for land, air, and marine platforms. The weapon system segment has been further sub-segmented into interceptors, gun/turret systems, and missile launchers. The weapon system technology segment consists of interceptors, gun/turrets and missile launchers.
The long range segment is projected witness the highest CAGR growth during the forecast period
Based on range, the missile defense system market has been segmented into short (up to 1,000 km), medium (1,000-3,000 km), intermediate (3,000-5,000 km), and intercontinental (more than 5,500 km). Increasing threats of intermediate-range missile launches and asymmetric warfare are some of the factors fueling the growth of the missile defense system market. An increasing threat from intercontinental ballistic attacks across the world is fueling the growth of the intermediate long range missile defense system segment.
The hypersonic missiles threat type segment is projected to grow at the highest CAGR rate for the missile defense system market during the forecast period.
Based on threat type, the missile defense system market has been segmented into subsonic missile, supersonic missile, and hypersonic missile. Technological advancements, continuous R&Ds, as well as the need for advanced missile defense systems across the globe are some of the major factors driving the growth of the threat type segment of the missile defense system market.
The space domain segment is projected to witness the highest CAGR during the forecast period
Based on domain, the missile defense system market has been segmented into ground, air, marine, and space. The need for advanced, multi-domain integration capable missile defense systems across the globe is one of the major factors driving the growth of the domain segment of the missile defense system market. The ground domain segment is projected to witness the highest CAGR during the forecast period.
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The North American market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of missile defense system market during the forecast period. Major companies such Northrop Grumman Corporation , Lockheed Martin, Boeing, Raytheon Technologies, and General Dynamics Corporation are based in the US. These players continuously invest in the R&D of new and advanced technology used in missile defense system.
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